New York City officials were estimating that the transit strike that began today could cost the city more than $400 million daily in lost economic activity, and insurance experts said few businesses were covered for the damage.

With buses and subways idled and traffic jamming city entry points, the New York City Office of Economic Development projected the loss of business could range from $400 million to $660 million a day. OED said the loss would be between $30 million and $50 million for retail and $410 million to $610 million for non-retail.

Loretta Worters, director of public information for the New York-based Insurance Information Institute, said firms that are hurt by the job action by Local 100 of the Transport Workers Union cannot look to their business interruption coverage.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.